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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Property Law
Satisfied Customers: 8402
Experience:  Dual qualified Solicitor and Attorney
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I have accepted an offer of £270,000 for the sale of my flat

Customer Question

I have accepted an offer of £270,000 for the sale of my flat in London.
The flat is a one bed ground floor garden flat in a Victorian conversion. The flat holds the freehold for the building.
There is one other flat upstairs and the leaseholder of this flat would like to purchase a share of the freehold before the sale completes. The upstairs flat has 89 years left on the lease. The ground floor flat has its own lease with 94 years left on it. Subject to her offering me an acceptable sum , I would like to sell a share of the freehold to the leaseholder upstairs and extend her lease and the lease to the downstairs flat to 999 years. The solicitor I am using at the moment states that I need to issue a section 5 notice ( right of refusal). The above will all cost £2000 and this seem alot to me and it would also this be protracted and I would like to complete before the stamp duty holiday ends. The Estate agent suggested selling the extending the leases initially and then gifting the freehold after the sale. Can you please advize me,?
Submitted: 19 days ago.
Category: Property Law
Expert:  Virtual-mod replied 19 days ago.

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 18 days ago.
I still need an answer.
Expert:  Jeremy Aldermartin replied 17 days ago.

Hi thank you for your message, please note that I will look to provide an accurate but nevertheless speedy reply to your inquiry. I am sorry to hear about your situation but I will endeavour to help you today.

Expert:  Jeremy Aldermartin replied 17 days ago.

Have you checked with the purchaser of your flat that they do not mind you selling off parts of the freehold and thereby reducing the value of the flat?

Customer: replied 17 days ago.
They are purchasing the flat on the agreement that they retain half the freehold. They know the upstairs would like to buy a share.
Expert:  Jeremy Aldermartin replied 17 days ago.

I see, ok. Well in essence to keep it brief you did need to issue the s5 because that is a formal process set out in statute that has to be followed when the freehold is to be sold. It need not be protracted but must be done. I trust this assists you in understanding your position however, should you have any supplementary inquiries, do not hesitate to ask and I will look to clarify or expand on my previous response.

Expert:  Jeremy Aldermartin replied 17 days ago.

I thank you for visiting the website and for the opportunity to assist you with your inquiry. If you have further questions, inquiries or queries let me know post haste and I will attempt to answer them. Otherwise I bid you a good day

Customer: replied 17 days ago.
I see so a section 5 notice must be given even though I have already discussed it with her. How much should the work cost to do this and also renew the leases of both flats and then share if freehold?
Expert:  Jeremy Aldermartin replied 17 days ago.

Yes I am afraid so. I cannot say how much precisely because solicitors charge different amounts but certainly a few thousand. I trust this assists